Moody’s ups Hughes Satellite to stable

Moody's Investors Service said it changed Hughes Satellite Systems Corp.’s outlook to stable from negative and affirmed the B2 corporate family rating, B2-PD probability of default rating, speculative grade liquidity rating of SGL-3 (adequate liquidity), Ba3 senior secured note rating and B3 senior unsecured note rating.

Moody’s said the outlook change was prompted by its updated expectation that the company will have an adequate funding cushion for its three 2016 satellite launches. The agency’s updated expectation reflects cash flow improvements resulting from last year's purchase and leaseback of five satellites previously owned by Dish Network Corp. (Ba3 negative), a sister corporation.

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